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According to a report from Jin10 on May 2, due to the decline in the US dollar and US Treasury yields, gold futures rose in relatively light trading. However, after a significant sell-off on Thursday, there was an overall fall this week.
Analysts at SP Angel said in a report that the outflow of ETF funds indicates that traders and investors have taken profits after gold prices rose 21% so far this year. SP Angel noted that the easing of trade tensions is reducing gold's appeal, while Trump announced he does not intend to fire Powell. The focus now turns to the U.S. employment data due on Friday. If the data is weaker than expected, it would boost optimism about a Federal Reserve rate cut, which is positive for non-yielding gold.